HomeBusiness DigestBindura posts US$4 mln H1 loss

Bindura posts US$4 mln H1 loss


BINDURA Nickel Corporation has reported an operating loss of US$4 million for the six months to June compared to a profit of US$12,5 million on weakening revenue.

Turnover during the period under review more than halved to US$20,5 million from US$46,3 million last year on the declining throughput. The mine milled 231 224 tonnes compared to 310 000 tonnes in the prior year.

“Production in the second quarter of the year under review was lower than in the quarter ended June 30 as a result of planned shutdown in July to allow for equipment upgrades, board chairman Yim Kwan said in a statement accompanying the financial results.

The company, Yim said is conducting studies on the feasibility of modifying its smelter to process platinum group metals following its successful sourcing of US$12 million to restart the plant.-Staff Writer

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